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In 1994, BlackRock became an independent firm and Blackstone sold its shares in the company.
1994年，黑岩集团成为一家独立公司，而黑石集团也出售了其在该公司的股份。
Fink and Schwarzman now work on opposite sides of Park Avenue.
芬克(黑岩集团的创始人)与施瓦茨曼(黑石集团的创始人)如今在公园大道的两头工作。
Fink’s company dwarfs Blackstone, but when it comes to property, Blackstone is the giant.
芬克的公司让黑石集团相形见绌，但在房地产领域，黑石集团才是巨头。
Its $320bn real estate portfolio is more than six times larger than that of BlackRock.
黑石集团3200亿美元的房地产投资组合是黑岩集团的6倍多。
“For Blackstone, real estate is the goose that lays the golden egg,” Brett Christophers, a professor of geography and author of a forthcoming book about the asset management industry, told me.
地理学教授布雷特·克里斯托弗斯告诉我:“对黑石集团来说，房地产是下金蛋的鹅。” 布雷特即将出版一本关于资产管理行业的书。
In the 2000s, Blackstone’s real estate division was known for buying up office spaces and hotels.
本世纪头十年，黑石集团的房地产部门以收购办公场所和酒店而闻名。
Now, it seems to prefer life-science laboratories and warehouses rented out to last-mile delivery firms.
现在，该集团似乎更喜欢把生命科学实验室和仓库租给配送最后一英里的快递公司。
But it is Blackstone’s interest in another type of real estate that has attracted the most scrutiny.
但黑石集团对另一类房地产的兴趣吸引了最多的关注。
In recent years, it has become known for creating a profitable asset class from residential properties – in other words, buying up homes.
近年来，该集团因从住宅地产中创造出一种谋利的资产类别而闻名——换句话说，就是购买住房。
Unlike warehouses or office blocks, the principal revenue source in rental homes are the people who live in them.
与仓库或办公大楼不同，出租房屋的主要收入来源是租住在房子里面的人。
Although Blackstone insists that its top priority is providing a good service, the finance industry’s expectation of increasing returns can seem at odds with the interests of tenants.
尽管黑石集团坚称，集团的首要任务是提供良好的服务，但金融业不断增加的回报预期似乎与租户的利益不符。
In the years before the pandemic, the company presented its “conviction themes” – the areas where it plans to invest – to its largest shareholders at an annual investor meeting.
在疫情开始前的几年里，该公司在年度投资者会议上向其最大的股东展示了其“信念主题”——公司计划投资的领域。
(This event used to be held at the Waldorf Astoria hotel in Manhattan, which Blackstone used to own.)
(该活动曾在曼哈顿的华尔道夫酒店举行，这家酒店曾归黑石集团所有。)
“It was like drinking from a firehose in the world of real estate,” a former Blackstone executive told me of one meeting at the Waldorf.
一位前黑石集团高管在谈到华尔道夫酒店的一次会议时告诉我:“房地产行业工作非常累。”
“You could be talking about shopping centres in Shanghai one minute, offices in Seattle the next minute. In that room, you’d probably be more informed about what was happening in the world of real estate than in any other room on the planet.”
“你可能前一分钟还在谈论上海的购物中心，下一分钟就在谈论西雅图的办公室了。身处那个房间，你可能比地球上其他房间的人都更了解房地产世界正在发生的事情。”
